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National Health Investors NHI SHOP — Net Operating Income

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Other financials

Income statement

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Revenue$115.1M+28.9%
Net income$40.1M+17.4%
EPS (diluted)$0.82+10.8%

Balance sheet

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Cash & equivalents$24.9M-81.8%
Total debt$1.4B+8.4%
Total equity$1.5B+6.2%
Total assets$2.9B+3.8%

Cash flow

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Operating cash flow$53.4M+15.0%

Valuation

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Market cap$3.65B+7.6%
Enterprise value$5B+11.2%
P/E24.7×+0.9×
P/S9.1×-0.6×

Profitability

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Operating margin50.1%
Net margin36.9%-4.3pp
FCF margin70.1%

Returns & leverage

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Return on equity10.1%-0.5pp
Debt / equity0.9×0.0×

Where this comes from

Reported directly by National Health Investors in its filing.

Tagged under the XBRL concept nhi:NetOperatingIncome.

The source filing: National Health Investors’s 10-Q, filed May 4, 2026.

Filed
May 4, 2026, 4:06 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000877860-26-000135
Line itemReal Estate / InvestmentsSHOPNon-Segment / / CorporateTotal
Taxes and insurance2,8042,8975,701
Management fees1,9461,946
Other senior housing operating expenses13,9233,923
NOI75,2668,89184,157
Depreciation and amortization16,5627,1141523,691
Interest expense15,04015,040
Legal expense305305
Franchise, excise and other taxes215215

Item 1. Financial Statements

FAQ

What is National Health Investors's SHOP — net operating income?
National Health Investors (NHI) reported SHOP — net operating income of $8.89M in Q1 2026.
How has National Health Investors's SHOP — net operating income changed year-over-year?
National Health Investors's SHOP — net operating income increased by 188.1% year-over-year, from $3.09M to $8.89M.
What is the long-term trend for National Health Investors's SHOP — net operating income?
Over 3 years (2022 to 2025), National Health Investors's SHOP — net operating income has grown at a 36.0% compound annual growth rate (CAGR), from $7.6M to $19.13M.
What does SHOP — net operating income mean?
Calculated as total operating revenues minus total operating expenses for the senior housing operating portfolio. This is the primary metric for assessing the operational profitability and cash-generating capability of the segment before interest, taxes, and depreciation. It allows investors to compare the performance of the operating portfolio against other real estate investments.

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